The school is about $300,000 short of its $7 million fundraising goal.

The College of New Rochelle received an anonymous $5 million gift as part of its fundraising campaign to keep the school afloat, the school has announced.

“We are humbled and grateful for the generosity of those who have donated and continue to donate, as well as the ongoing support we are receiving from alumnae and others in our hour of need. Although we have more work to do, I am pleased to say that the College will remain in business and continue moving forward,” Gwen Adolph, president of the college Board of Trustees, said in a release.

The college announced in November that it had "secured sufficient resources and developed a financial plan" that would allow it to survive for "next semester and beyond."

There are no details in the post outlining what the financial plan is or how money raised will be used to tackle its mounds of debt.

Ronald Eagar, of the accounting firm Grassi & Co., was hired as the school’s chief restructuring officer and for the time being will manage all financial activities, like donations, according to the FAQ on the college’s website.

Since October when the college board of trustees announced former President Judith Huntington's resignation alongside the revelation it was undertaking a probe into the school's finances, the school and its alumni have worked to swiftly raise $2 million in cash before the end of the year and $5 million in pledges before March. The $5 million anonymous donation Wednesday covers the pledged portion of fundraising efforts but leaves the school still about $300,000 short of its total goal.

To date, the college said the probe has identified $31.2 million in "unmet financial obligations," including some $20 million in unpaid employee payroll taxes dating back to 2014.

An auction is also being held Dec. 14 to sell five of the college's properties, which is expected to raise at least $1.5 million, according to the total minimum asking prices.

Other measures the school has taken include cost-cutting like laying off or reducing hours for about 36 people. They are also considering declaring “financial exigency,” which could include faculty cutbacks. On its website, the school said, “We will ensure that each academic program has sufficient full-time faculty in place and that we do not have an overdependence on adjuncts.”

The college said its path forward includes restructuring administration, restoring credibility with the greater college community and conducting a national search for a new president.